ADVANCED WOUND CARE MANAGEMENT MARKET ANALYSIS

Advanced Wound Care Management Market Size and Trends

Global advanced wound care management market is estimated to be valued at USD 11.72 Bn in 2024 and is expected to reach USD 16.58 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

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Global advanced wound care management market is expected to witness significant growth over the forecast period. Key factors such as increasing prevalence of chronic wounds worldwide due to rising geriatric population, growing incidence of diabetes and associated complications are expected to boost demand for advanced wound care products. Furthermore, technological advancements in wound care products along with rising medical expenditures is also anticipated to propel the market growth. However, high costs associated with advanced wound therapies can hamper the market growth during the forecast period.

Increasing research and development in wound care management

Increasing research and development activities by market players and research institutes for the development of wound care products is expected to drive the growth of global advanced wound care management market over the forecast period. For instance, in May 2023, University of Nottingham, England, U.K., announced that the researchers had received a US$ 1,145.6 BN (£902,524) grant from the Medical Research Council to develop a smart wound dressing embedded with optical fibre sensors to assess whether affected tissue is healing or infected, which is being trialed at University Hospitals of Derby and Burton NHS Foundation Trust. Moreover, in November 2022, researchers at Indiana University School of Medicine announced that these people are looking for ways to heal wounds by using a healing protein that is active in fetuses, but largely inactive in adults and absent in diabetic adults. In the study, published by Molecular Therapy, the team focused on a protein called nonselenocysteine-containing phospholipid hydroperoxide glutathione peroxidase, or NPGPx. NPGPx is active in fetal tissue but becomes mostly inactive in the skin after birth.

Market players are focused on growth strategies such as product launches, and this is expected to boost the growth of global advanced wound care management market. For instance, in March 2023, Bactiguard AB, a medical device company, announced the launch of its wound care offering in the U.K. and Ireland, in collaboration with Quintess Medical, a product distributor, and , GS Medical, its partner, full-service medical sales and distribution firm. The collaboration will not only bring Bactiguard’s Wound Care product range to even more patients and end users, but also further strengthen Bactiguard’s position in the advanced wound care management market. In January 2023, Convatec, a global medical products and technologies company, announced the U.S. launch of ConvaFoam, a family of advanced foam dressings designed to address the needs of healthcare providers and their patients. ConvaFoam can be used on a spectrum of wound types at any stage of the wound journey, making it the simple dressing choice for wound management and skin protection.